Hong Kong to offer tax cuts for energy and waste facilities
Hong Kong will soon introduce one-off and accelerated
tax cuts for environment-friendly machinery and installations, the Hong
Kong Special Administrative Region (HKSAR) government.
A 100 percent deduction under profits tax will be provided in the year
of purchase for the capital expenditure incurred on the provision of
eligible machinery according to a government official.
The amendments will be made to the tax law upon the passing of a Revenue
Bill by the Legislative Council, the HKSAR government said in a statement.
Environmental protection machinery includes low-noise construction machinery
or plants registered under the Quality Powered Mechanical Equipment system,
certain waste treatment, wastewater treatment and air pollution control
machinery or plant.
Environmental protection installations, mainly renewable energy installations,
include solar photovoltaic installations, wind turbine installations,
thermal waste treatment installations, and certain energy efficient building
The reductions will also be available to those who own or have been using
environmental protection machinery or installations before implementation
of the proposal.